Moderna Reports Q4 Revenue Beat Amid Cost Cuts and Regulatory Setback
Moderna posted Q4 2025 revenue of $678 million, beating analyst estimates despite a 29.8% year-over-year decline. The company reduced operating expenses by 31% while facing FDA refusal to file its flu vaccine application.
Moderna reported fourth quarter 2025 revenue of $678 million versus analyst estimates of $660.2 million, representing a 29.8% year-on-year decline but a 2.7% beat against expectations. The company posted adjusted earnings per share of -$2.11 versus analyst estimates of -$2.64, a 20.2% beat.
Operating expenses fell by 31% year over year, reflecting effective cost management and disciplined expense controls. The CEO cited the successful U.S. launch of MNEXT Spike, improved operational efficiency, and disciplined expense controls as key contributors to the quarter's performance. The company's president noted, "MNEXT Spike quickly became our leading product in the U.S."
Adjusted EBITDA came in at -$790 million with a -117% margin, representing 33.4% year-on-year growth. Operating margin was -126%, up from -129% in the same quarter last year. The company reported a return on equity of -30.18% and a net margin of -141.51%.
The company acknowledged ongoing challenges, particularly the uncertainty caused by the FDA's refusal to file letter on the mRNA-1010 flu vaccine, which management described as a source of "real challenges for businesses, patients, and the broader innovation ecosystem." The CFO said it was too early to assess the long-term financial effect until the FDA provides clarity, but highlighted multiple growth drivers beyond flu.
During the earnings call, management explained that U.S. filings for the flu-COVID combination vaccine depend on further FDA discussions, while the highest probability of success for INT is in phase 3 melanoma. The CFO attributed cash strength to lower-than-forecast operating expenses, reduced capital expenditures, and improved working capital management.
Moderna received European Commission Marketing Authorization for COVID-19 Vaccine mNEXSPIKE during the quarter. The company had 35 mRNA development candidates in clinical studies as of August 2025, spanning infectious disease, oncology, cardiovascular disease, and rare genetic diseases.
The company's market capitalization stood at $19.42 billion as of the earnings report. Moderna has a debt-to-equity ratio of 0.08, a quick ratio of 3.73 and a current ratio of 3.93. The stock has a 52-week low of $22.28 and a 52-week high of $55.20.
Vanguard U.S. Growth Fund reduced its stake in Moderna by 5.35% during the quarter, selling 144,076 shares. The fund owned 2,550,076 shares valued at about $66,250,970 as of its most recent filing with the Securities & Exchange Commission.
The company's trailing 12-month free cash flow margin was -106%. Sales tumbled by 46.7% annually over the last two years.